Key International Trade Transformations: Australia's Economy Analysis

This report examines the key international trade transformations experienced by Australia since the 1970s, highlighting major shifts driven by increasing economic efficiency, a rise in product variety with lower prices, and expanded marketing opportunities. Australia's proximity to Asia and its focus on primary exports to China are significant. The report also identifies the growing demand for service exports. Australia's international trade accounts for almost 40% of its economy, with key strengths in coal, iron ore, and LNG. The government plays a major role in facilitating structural change and lowering trade barriers. Challenges include the limited range of Australian exports and the country's distance from global markets. Structural transformation, defined as reallocating economic elements across sectors, is analyzed, along with its benefits for businesses and consumers. The report discusses how Australia has managed its structural transformation, considering global economic trends, capital accumulation, and the need for Australia to adapt to trade pressures and competition, as well as the country's specialization in mining and agriculture.

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Business world economy
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10/4/2019
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Business world economy 1
The key international trade transformations experienced by Australia since
the 1970s
Key international trade transformation since 1970s that have been experienced by Australia
include major transformational change reflecting increasing economic efficiency increase in
number of products while lowering the price of the products and increase in marketing
opportunities. Opportunities reflect proximity to Asia as the nation was the only primary exports
to China and has not been tapped into Asian market. Another opportunity identified through this
transformational change was in demand pertaining to service export of nation that was growing.
The statistics reflect that the international trade off the economy of Australia was almost 40%.
The key strengths that have been analyzed for the nation that reflect international trade are coal,
iron ore and LNG their government has the major role regarding facilitation of structural change
and lowering the trade barriers. However some of the challenges faced by the nation include
Ubiquity and limited range of Australian export and the distance of Australia from global market
is quite large (publications.industry.gov, 2019). Through the changing global trade environment
of the nation and the impact that has been identified through this changing global trade reflect
that the nation has found to be dominated by agriculture and mining, the reason being
competitive advantage for nation in such industry.
Meaning of structural transformation that is generated by a country’s
exposure to international markets
Structural transformation can be defined as re-allocating the economic elements around the
broader sections like manufacturing, agriculture and services. There are various types of

Business world economy 2
structural change which made reflect through growth in structural change and could result in to
as a contributor to words the economy growth. The benefit for this transformation is not only for
the business people but also has affected positively for consumers because of increasing access
to large variety of products which will be available at cheaper rates. There has been directly link
associated or identified among structural transformation and capital formation robust process.
This reflects that strong investment climate could be one of the policy changing promises that
may result into new globalization Era (unctad.org, 2016).
The way Australia has managed its structural transformation since the 1970s.
Pertaining to the international trade there have been various concerns regarding global economic
environment which reflect a trend of declining growth which has also resulted into slowing down
of economies that are developed. Thus it can be said that the slowing down of developed
economy can be related to work with yes set of macroeconomic inequalities and imbalances that
are probable to see it as a structural transformation obstacle for various developing nations.
Other than this in international trade the lack of aggregate demand in international market could
also result in to physical austerity and which restrained in developed economies (wto, 2019).
Other than this capital accumulation is also reflecting a slowdown around various Region in
world economy. Global landscape is another component that have pertaining structural
transformation pattern at national level that is countries level reflecting the method of
organization in markets at international level and also reflect increase in return, technological
change, fast moving companies along with the first mover advantage is that are reflecting
structural transformation among major industries in international trade. However Australia found

Business world economy 3
to be low complexity regarding the highly specialized economy, for which it is recommended to
the Australia to adapt trade pressures pertaining to Competition (Herrendorf, 2013).
References
Herrendorf, B., 2013. GROWTH AND STRUCTURAL TRANSFORMATION. [Online] Available
at: https://www.nber.org/papers/w18996.
publications.industry.gov, 2019. IndustryInsights_2_2018_ONLINE. [Online] Available at:
https://publications.industry.gov.au/publications/industryinsightsjune2018/documents/
IndustryInsights_2_2018_ONLINE.pdf.
unctad.org, 2016. TRADE AND DEVELOPMENT REPORT. [Online] Available at:
https://unctad.org/en/PublicationChapters/tdr2016ch2_en.pdf.
wto, 2019. Globalization, structural change and productivity growth. [Online] Available at:
https://www.wto.org/english/res_e/booksp_e/glob_soc_sus_e_chap2_e.pdf.